"Irving Oil wishes to thank the countless organizations, companies and individuals who supported this project and believed in its value for our country", says Whitcomb.
TransCanada shares were essentially flat at about $61 on the Toronto Stock Exchange as of mid-morning.
According to the Natural Resources Defense Council, the US$15.7-billion pipeline would have transported 1.1 million barrels per day of mostly tar sands oil from Alberta to St. John and would bring a significant increase in carbon pollution-equivalent to the annual emissions of as many as 54 million passenger vehicles-and lock in high-carbon infrastructure expected to operate for at least 50 years. It will also notify Quebec that it is withdrawing the Energy East project from the environmental review process.
January 27, 2017: The new National Energy Board panel tasked with reviewing the Energy East pipeline decides to throw out all of the decisions made by the previous panel.
"TransCanada knows that Energy East would never receive approval if all its climate pollution was taking into account", Adam Scott, a senior campaigner with Oil Change International, a nonprofit research and advocacy group that looks at the impacts of fossil fuels, told ThinkProgress.
The 4,500km Energy East pipeline, which would have carried 1.1 million barrels of oil per day, faced stiff opposition from environmental groups and several municipalities in Quebec concerned about possible spills affecting groundwaters and rivers along its path.
The pipeline's importance has somewhat diminished for TransCanada since the United States this year approved Keystone XL pipeline, which would run from Alberta to USA refineries, but supporters said they were "extremely disappointed" by the decision.
It announced Thursday that it will no longer be proceeding with its applications for the mega project "after careful review of changed circumstances".
The Canadian Energy Pipeline Association and others blamed TransCanada's decision on Ottawa's "unclear decision-making process".
"The Trudeau government is going to have to take a real hard look at whether their own heavy-handedness with that policy also led to this decision". "Make no mistake, other companies' decisions to invest in Canada will be informed by this debacle".
"While it is important to balance interests, if we don't get any projects built, there will be no interests to balance", Senator Doug Black said in a statement.
The demise of the pipeline comes less than a year after the Canadian government rejected another export pipeline, Enbridge Inc's Northern Gateway, and is a further setback for Canada's oil industry which is already hurting from low global crude prices.
Alberta Premier Rachel Notley says Energy East - which would have carried Alberta oil to tidewater - would have benefited all of Canada with new jobs, investment, energy security and the ability to displace imported oil.
June 16, 2016: The National Energy Board says it has officially started the clock on its review of Energy East.
Environmental groups welcomed the decision to scrap a pipeline they said was at odds with Canada's commitment to reducing greenhouse gas emissions.